Why Investors Should Be Excited About Corcept Therapeutics Plunging as Much as 18%

Why Investors Should Be Excited About Corcept Therapeutics Plunging as Much as 18%

Shares of Corcept Therapeutics (NASDAQ: CORT), a California-based drug developer that focuses on treating severe metabolic, oncologic, and psychiatric diseases, tumbled as much as 18% during Friday's trading session following the release of its third-quarter operating results after the closing bell on Thursday. As you can probably infer from the move lower, Corcept's earnings report disappointed investors.

For the quarter, Corcept Therapeutics reported a 97% increase in year-over-year revenue, to $42.8 million. This surge in sales is a result of organic sales growth from its lone Food and Drug Administration-approved product, Korlym, a treatment for Cushing's syndrome. Comparatively, Wall Street was only looking for Corcept to report $41.6 million in sales.

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Source: Fool.com